Well, at least it's still stictly better than a timeshifted version of Deflection...

I'd at most consider using it as a sideboard choice, though. But then it's pretty handy.
Remember that you can use it to counter their counterspells for . Since you can change these spells' target to Ricochet Trap, they will fizzle once they try to resolve.

I dunno. You cast lightning bolt, opponent casts cancel, you cast ricochet and, wait.. I nearly just had an aneurysm thinking about changing cancel's target from the bolt to ricochet. TIME PARADOX! I suppose this can't change the target to itself? Casting and choosing of targets happening simultaneously and whatnot.

You can change the target of Cancel to target Ricochet trap. Ricochet Trap will resolve, and change cancel's target, then cancel will no longer have a legal target and fizzle, then the original target of Cancel will resolve without being countered.

well using 1 mana to "counter" a counter spell or 4 mana to change the tide of battle or to kill your opponent creature instead of your own? that is pretty nice. You can even steal an enchant creature.